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HSBC’s pre-tax profits dip slightly though hopes remain high for 2023

Banking giant HSBC has recorded a slight drop in pre-tax profits as it released its annual results for 2022.

The group’s reported profit before tax fell by 1.4 billion US dollars (£1.16 billion) to 17.5 billion dollars (£14.5) billion compared to the year previous.

It comes as reported revenue increased by 4% to 51.7 billion dollars (£42.9 billion), driven in part by strong growth in net interest income across all of the group’s global businesses.

Noel Quinn, group chief executive, said the results marked “another good year for HSBC”.

HSBC stock
The group added it expects to record a net interest income of at least £29.88 billion for the coming year (Katie Collins/PA)

He said: “We completed the first phase of our transformation and our international connectivity is now underpinned by good, broad-based profit generation around the world.

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“This contributed to a strong overall financial performance. We are on track to deliver higher returns in 2023 and have built a platform for further value creation.

“With the delivery of higher returns, we will have increased distribution capacity, and we will also consider a special dividend once the sale of HSBC Canada is completed.”

The group added it expects to record a net interest income of at least 36 billion (£29.88 billion) for the coming year, based on the current market consensus for global central bank rates.